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The minimum period throughout which certain conditions must be met to qualify for Entrepreneurs' Relief (ER) is being increased from one year to two years. This has effect for disposals on or after 6 April 2019, except where a business ceased before 29 October 2018. Where the claimant's business ceased, or their personal company ceased to be a trading company (or the holding company of a trading group) before 29 October 2018, the existing one year qualifying period continues to apply.
To qualify for ER, the company needs to be an individual's 'personal company'. This means that an individual must, throughout the relevant qualifying period:
For disposals on or after 29 October 2018, an individual must also satisfy either of the following:
With the current pandemic of Covid-19, we want to reassure you that Mitchells Chartered Accountants are keeping a close eye on the latest government guidance and we are committed to providing our clients and staff with the support that is needed from us.
We are still operating as usual however, in order to adhere to social distancing on our premises, our staff routinely work from home along with working from our office on a rota basis. We are ensuring that the security and confidentiality of client records are maintained at all times. Please use email addresses to contact us and on phoning the main switchboard number where you will find our usual helpful reception and they can provide further telephone contact numbers where needed.
We recommend that where deadlines are approaching, for example with VAT returns or payroll calculations, that clients endeavour to provide their information as soon as they are able. This will maximise our capacity to carry out this work in advance of deadlines. Please understand that there may be delays in responses during this time.
We are updating our guidance in line with the governments announcements but for the latest advice from the government click here.